Bank Syariah Indonesia (BRIS IJ) (Buy) - Jan-25 results: Still going strong
EWBRIS is off to a solid start in 2025. The bank delivered strong Jan-25 results,
BRIS is off to a solid start in 2025. The bank delivered strong Jan-25 results,
BMRI started 2025 with satisfactory bank-only Jan-25 results—
We think the Indonesia banking sector may enter a tactical tailwind period,
Post BTPS's FY24 results release, which came in below our expectations, we identify several areas of concern.
2024 was a challenging year for the major telcos (as well as for the passive infrastructure companies such as
BBCA kicked off 2025 with decent bank-only Jan-25 results with headline profit of IDR4.7tn (+6% y-y).
We believe BBRI will still face the issue of maturing micro/ultra-micro loans.
We previously highlighted that BBRI might face maturing micro/ultra-micro segments,
BBTN reported 4Q24 net profit (NP) of IDR925bn (+59% q-q; -22% y-y).
ISAT released expected 4Q24 results, with headline profit of IDR1.0tn (-10% q-q).
Post FY24 results, we revise our FY25-26F earnings estimates.
BRIS continued to deliver solid 4Q24 results with headline profit of IDR1.9tr (+11% q-q / +26% y-y),
XL released its FY24 results which showed punchy performance.
BMRI has released its FY24 results with headline consolidated profit at IDR55.8tn (+1.3% y-y).
Post FY24 results, we revise FY25F-26F earnings estimates. We also add a new forecast year FY27F.